Private Island Life
An innate desire to escape the daily grind and live a blissful tropical lifestyle in an idyllic, secluded setting is common for those interested in buying a private island. The island fantasy has permeated high culture (Shakespeare’s The Tempest and reality TV’s Temptation Island) and low culture (the search for the perfect beachside property is a constant on real estate websites).
As more and more people dream of moving to an island, real estate professionals must make sure prospective buyers are aware that owning an island comes with its fair share of pros and cons. Some of the biggest concerns include:
PRIVACY
One of the most attractive aspects of island living is that it’s a great place to enjoy privacy. You can enjoy your solitude or host lively parties without having to worry about neighbors disturbing your tranquility.
The pristine waters, white sandy beaches and stunning scenery are also a huge draw for potential island homeowners. The cool sea breeze and beautiful landscapes provide the perfect setting to relax and unwind in paradise.
But as a former island owner, Davis warns that island life is not for everyone and requires a certain level of planning and preparation. In addition to ensuring that a private island has modern utilities like electricity and fresh water, he points out that the cost of living on an island can be more expensive than many people anticipate.
In addition, many islanders must consider the proximity of the nearest hospital or medical center. If there’s an emergency, the trip to get medical assistance can be long and stressful.
TAXES
One of the more surprising perks and downsides to island living is that it’s often not tax-free. Because private islands technically belong to sovereign countries, they can be subject to various taxes and fees throughout the year. The exact amount of taxes you must pay will depend on the location of your island and which country it belongs to.
A Strong Community
One of the benefits of island life is that it tends to be a close-knit and welcoming community. This is likely because residents choose to move to an island for similar reasons, such as escaping the stress of city life or seeking new opportunities, such as starting their own business. As a result, islanders often become friends and even family.
As you can see, there are many positive aspects to island living, but the decision to buy a private island is not one to take lightly. It’s important to weigh the pros and cons of private island ownership, so you can make an informed decision about whether it’s the right fit for your lifestyle. For more information on how to purchase your own private island, please contact us at Private Islands Inc today. We’re a professional agency that specializes exclusively in selling and renting private islands. We have properties available worldwide, including the Caribbean, Central America, South Pacific, Africa, and Europe.